The Bright Light of Bitcoin Cash During Long Crypto Winter Nights is Hard to Ignore BCH’s Growth
Bitcoin Cash has seen tremendous growth since the infamous hardfork in November last year. When we say growth its not just in terms of doubled up prices for the token in the recent price rally, but also the rate of adoption and the significant increase in its daily transactions. Apart from these achievements, the BCH network has also registered its second-highest on-chain transaction in the last 24 hours. The growth is quite unprecedented given the fact that not so long ago, the Bitcoin cash network was fighting for its survival in the aftermath of the infamous hard fork.
There was a lawsuit against Roger Ver, United Group filed a lawsuit against the network operators for manipulating the hard-fork and it also saw its valuation fall to below $100 as a direct impact of all the controversy surrounding it.
However, the BCH network developers headed by Roger Ver were persistent to make a fairytale comeback and they did it with great development work on their network, making it more feasible and scalable. Recently, the network also decided to move towards a complete blockchain ecosystem with Dapp hosting and even tokenization through its SLP tokens. The future looks bright for the Bitcoin Cash blockchain.
Bitcoin Cash Network Processes More On chain Value Than Most Blockchains
Bitcoin Cash currently is on a cruising mode and not just in terms of its overall market gains, but also the scalability that it has been achieving. This month has been all about the on-chain transactions, the daily on-chain transaction has reached up to $940 million in the last 24 hours. The only crypto token ahead of the BCH is the pioneer itself BTC. If we compare the on-chain transactions of the top 10 cryptocurrencies, BCH has seen 2X more on-chain transaction than the second largest crypto while the valuation becomes 4X when compared to litecoin.
The ongoing trend of tremendous on-chain transactions started with the April 2nd price rally, where the majority of the cryptocurrencies made double-digit gains to break their upper key resistance level, but BCH showed even bigger gains than the rest. While BTC gained over 25% throughout the price rally, BCH doubled its price and even grew by 50% on a single day. Another trend to make note of is that the majority of the exchanges are now swapping much more BCH than they were doing a month ago.
Exchanges like Hitbtc, Binance, Coinbene, Lbank, Coinbase, and Huobi are contributing to the $1.2 million in global traders swapped in the last day. If this wasn’t enough, Bitcoin cash has also consistently captured the sixth most traded coin by exchange volumes within the entire crypto economy for a few weeks in a row.
Bitcoin Cash Network Shows Healthy Hashrate, which is a clear indication that the network is doing well in terms of mining and strengthening the decentralization aspect of the blockchain. Mind you BCH network’s hash rate dropped below the critical mark of one exahash per second back in December in the aftermath of the hash war between BCH and BSV network. However, since then the network’s hash rate has shown tremendous growth over the months. According to a statistic produced by Coin Dance, BCH network’s miner community is able to produce 2.-2.78 exahashes per second on a daily basis.
Mind you a healthy hashrate makes the network more resilient against 51% attack by hackers. While BCH network has been able to grow in leap and bounds, its competitor BSV network headed by infamous Craig Wright has been on a downward spree, and as of now, the hash rate of the network is so low that the hackers need to spend only $6,000 for a 51% attack.
BCH Is More Profitable To Mine Than Bitcoin
Due to the longest crypto winter in 2018, which saw the majority of the cryptocurrency lose more than 80% of their total market capitalization, the worst impact was on individual miners as the token prices did not make mining a profitable option, especially for Bitcoin, which uses proof of work consensus for mining. However, since the recent price rally, the market has become stabilized enough for miners to get back to their work. Interestingly BCH price doubling has made the token more profitable for mining than Bitcoin.
Bitcoin Cash network is looking at long term goals of making its network and token to be most widely used and accepted. Keeping the goal in mind, BCH network hasn’t increased its fee as the prices of the token doubled, which is quite common for other cryptocurrencies to increase the fee in accordance with the rise in price. To give you a perspective, it would cost you 188.95X more to do a transaction on the BTC network than on the BCH chain.
Increased Cost Of Token See A Surge In Usage And Development On BCH Network
As the prices of BCH rose to start from April 2nd, there has been a tremendous rise in development work on the network as well. The network in its tryst for long term goals have shifted its focus on various projects pushing for real-world use. Be its Simple Ledger Protocol based tokenization, which has been received tremendously well by the consumers. Since the protocol is simple to use, anyone can create a token using it for their business. Apart from the SLP tokens, the network is also pushing itself to host decentralized applications just like Ethereum and TRON.
The micronation of Liberland’s SLP token, merits (LLM), has a market valuation of $952,253 at the time of writing. Moreover, BCH enthusiasts have made hundreds of SLP tokens onchain and users have been trading these coins for fun. Some of the most noted projects which have been developed on the BCH network includes Badger Wallet, the Last Will Platform, Cashshuffle, Blockupload, Crescent Cash, Bchgallery, Menu.cash, SLP Lode Runner, Neutrino, Lazyfox, and Taskopus.
Apart from these developments, the network’s pet project Cointext, which is an SMS based BCH wallet service that allows its user's permission access to borderless cash by allowing people to text Bitcoin Cash to any mobile phone. The service is now supported in 42 countries.
BCH network hard-forked last November was more than just unusual, as unlike before there were two new chains being created instead of just one. The fork was not just unusual because there were two contenders for the forked chain, but it was mainly unusual because of the rivalry that the two sides shared leading up to the fork. After months of bad mouthing, hash wars and lawsuits, BCH finally rose as the clear winner. Since then the network and its developers have never looked back and always remained focus towards their goal of making BCH the best crypto token for the long term use.
Looking at the recent developments and statistical achievements, the future looks bright and optimistic for the BCH network. Hopefully, they continue to keep up their work and we as a community will be the biggest gainer out of it.